Please Help: INTREST CERTIFICATE
Posted Date : 07-Jul-2011 , 10:40:10 am | Posted By sumit garg
SIR , I GOT TWO INTEREST CERTIFICATE FROM BANK BUT BANK HAD NOT DEDUCTED TAX ON INTEREST BECAUSE ON BOTH THE FD , INTEREST FIGURES were 8500 AND 9500 SEPARATELY ( SAME PAN NO, SAME CUSTOMER BUT CUSTOMER ID IS DIFFERENT )
SO BECAUSE INTEREST AMT EXCEED 10000 SO I AM GOING TO DEPOSIT THE TAX FROM MY SIDE BUT I HAVE ONE PROBLEM . BANK MENTION IN THE CERTIFICATE THE FOLLOWING SUMMARY OF INTEREST
INTEREST EARENED INTEREST ACCRUE
IST FD 6200 2800
2 ND FD 6900 2300
13100 5100
SO BANK MENTION INTEREST EARNED DURING 10-11 IS 13100
AND REMAINING 5100 IS SHOWN AS INTEREST ACCRUE
SO NOW I AM GOING TO DEPOSIT TAX ON 13100 SO AM I RIGHT BECAUSE I THINK 5100 IS FOR THE PERIOD FROM 1/4/11 TO DUE DATE ( WE MADE FD IN NOV 10 ) SO INTEREST EARNED IS FROM 1/11/2010 TO 31/3/11 ( AMT 13100 ) AND 5100 IS FOR THE YEAR 11-12 SO TAX ON 5100 WILL BE SHOWN IN NEXT YEAR RETURN
SO BECAUSE INTEREST AMT EXCEED 10000 SO I AM GOING TO DEPOSIT THE TAX FROM MY SIDE BUT I HAVE ONE PROBLEM . BANK MENTION IN THE CERTIFICATE THE FOLLOWING SUMMARY OF INTEREST
INTEREST EARENED INTEREST ACCRUE
IST FD 6200 2800
2 ND FD 6900 2300
13100 5100
SO BANK MENTION INTEREST EARNED DURING 10-11 IS 13100
AND REMAINING 5100 IS SHOWN AS INTEREST ACCRUE
SO NOW I AM GOING TO DEPOSIT TAX ON 13100 SO AM I RIGHT BECAUSE I THINK 5100 IS FOR THE PERIOD FROM 1/4/11 TO DUE DATE ( WE MADE FD IN NOV 10 ) SO INTEREST EARNED IS FROM 1/11/2010 TO 31/3/11 ( AMT 13100 ) AND 5100 IS FOR THE YEAR 11-12 SO TAX ON 5100 WILL BE SHOWN IN NEXT YEAR RETURN
Category : Income Tax | Answers : 2 | Comments : 3 | Hits : 674
Answers
Answer By: CA VIKAS JAIN
Your accrual system of accounting is right. so just taken 13100 as a income of current previous year.
Answer By: Vikash Kumar Jha
Non deduction of TDS on your interest not at all makes you defaultee. Need not to deposite the tax seperately, when you file your IT return, you just calculate the tax on your self assessed income and pay.
Comments
CA VIPIN GARG
07-Jul-2011 , 12:16:32 pmDear Sumit, you need not to deposite the tax seperately, when you file your IT return, you just calculate the tax on your self assessed income and pay at that, if required. Non deduction of TDS on your interest not at all makes you defaultee in any sense and you not at all require to deposite the tax seperately like what you are going to do...... Hopefully you get your answer if you have still any doubt, please ask me through the PM.
CA Mordhwaj Garg
08-Jul-2011 , 10:47:25 amI am agree with CA Vikas Jain, So you taken Rs. 13100.00 as a interest income in current A.Y. 11-12.
CA VIPIN GARG
08-Jul-2011 , 02:38:49 pmDear Vikas Ji and Mordhwaj Ji, please tell me if I was wrong in answering the query of Sumit and if yes what was my mistake. Your reply will be highly appreciable, please reply at the earliest.